The BrainChip Holdings Ltd (ASX: BRN) share price has continued its slide on Tuesday.
In morning trade, the artificial intelligence technology companyâs shares were down as much as 12.5% to 76.5 cents.
When the BrainChip share price hit that level, it meant it was down 31% since this time last month.
Its shares have since recovered a touch but remain down 6% at 82 cents at the time of writing.
Why is the BrainChip share price sinking?
Investors have been selling BrainChip shares today following a broad market selloff that has been felt hardest in the tech sector.
This has been particularly the case among loss-making tech shares such as BrainChip and Zip Co Ltd (ASX: ZIP). The latter is down a massive 20% this afternoon.
Remarkably, despite its recent weakness, the tech selloff in 2022, and its distinct lack of revenue, the BrainChip share price is still trading modestly higher in 2022.
As a comparison, the S&P ASX All Technology index is down 40% since the turn of the year.
Though, whether or not the company’s shares are able to hold onto these gains amid the sustained market weakness and its continued cash burn, only time will tell.
The post Why did the BrainChip share price plunge 12% today? appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of January 12th 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- ASX 200 midday update: Block and Zip crash amid market selloff
- Own Zip shares? CEO warned co-founder 8 months ago, ‘There are some clouds gathering on the horizon’ after Morgan Stanley meeting
- Zip share price crashes 21% to new multi-year low
- Wall Street tumbles into bear market. What does that mean for ASX 200 shares?
- Waiting to start investing in ASX shares? Today could be a brilliant time to do it
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/wLxrucb
Leave a Reply